- Superstar memecoins like $MOTHER and $DADDY confronted volatility regardless of group assist.
- Robert Leshner of Superstate acknowledged the cultural affect of memecoins like Dogecoin.
Social media has been vigorous with discussions surrounding two notable memecoins: Mom Iggy [MOTHER] and Daddy Tate [DADDY].
Regardless of latest declines of their market values, whereby DADDY skilled a 9.08% drop and MOTHER was down by 15.54%, curiosity and assist for these cash haven’t waned amongst their followers.
Nonetheless, many consider that superstar memecoins don’t have any lasting worth and are merely a waste of cash. Reflecting on this sentiment, X (previously Twitter) consumer legen took to X and famous,
“Stop wasting your money on memecoins. 99.9% of them will go to 0. Especially the celebrity ones. It happens every cycle. Don’t be an idiot. Invest in big coins and let it ride.”
Dogecoin, the king of memecoins?
In a latest episode of the ‘Unchained’ podcast, Robert Leshner, CEO & Co-founder of Superstate, shared a nuanced perspective contrasting Dogecoin [DOGE] with different superstar memecoins.
Leshner identified that Dogecoin has established itself uniquely by mocking established cryptocurrencies like Bitcoin [BTC] and Litecoin [LTC]. It has proven shocking longevity and cultural affect within the crypto world.
He added,
“I think Dogecoin for that reason has a much larger prominence in the societal Wikipedia of crypto than a completely continuing un-unique list of c and d lists celeb coins.”
Nonetheless, he nonetheless believes that different memecoins related to celebrities can nonetheless generate consideration and speculative curiosity out there.
Ethereum vs. Solana memes
In accordance with a latest information submit by CoinGecko, the Solana [SOL] community has surpassed the Ethereum [ETH] community in internet hosting a larger variety of superstar memecoins.
Nonetheless, regardless of the surge in reputation of Solana memecoins, a latest examine by the Web3 platform — Belief acknowledged,
“While Solana boasts a recent surge in meme coin activity, Ethereum is the original battleground for some of the most well-known and influential meme tokens. These pioneers paved the way for the meme coin phenomenon and continue to be major players.”
This sentiment was additional confirmed by AMBCrypto’s analysis of Santiment information, which revealed that Ethereum’s social dominance overpowered Solana.
Supply: Santiment
Regardless of the numerous rise, the present memecoin market seems to lack inherent worth and is primarily pushed by competitors and speculative buying and selling.
Sharing an identical line of thought, Ethereum co-founder Vitalik Buterin finest put it when he mentioned,
“I’m feeling quite unhappy about with ‘this cycle’s celebrity experimentation’ so far. ‘Financialization as a means toward an end’, I can respect if the end is worthy (healthcare, open source software, art, etc).”